02 June 2012
Respected Experts, If a CA has done statutory audit of a Pvt. Ltd. company under Companies Act, then is it necessary to conduct Audit again u/s. 44AB of Income Tax Act or Statutory audit report can be produced?
02 June 2012
Audit has to be conducted u/s 44AB and audit report in form 3CA has to be issued in which reference of statutory audit report issued under the Companies Act,1956 has to be mentioned specifically.
If company's turnover is less than limit specified u/s 44AB than Tax Audit should not be compulsory. Auditor shall conduct only statutory Audit and issue a report.
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